The Australian dollar gets a boost on inflation data
Australia released retail sales and consumer price index data that were higher than expected. Consumer prices rose to 7.3% in annualised terms after a previous increase of 6.9%. Retail sales increased by 1.4% against forecasts of 0.6% bump. These data provided short-term support to the Australian dollar. If we factor in the fact that the AUD/USD pair climbed above its 200-day moving average for the first time since April 2022, we can anticipate it rising further.
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